Everything You Need to Know About a Builders Lien
A
builder’s lien can also be referred to as a lien on property. It secures a claim for payment for work done
on--or materials provided to--a construction occupation or to get renovations
or repairs designed into a existing structure. Every time a lien is registered
in the Land Title Office, then it becomes a charge against the title to the
house or property involved.
Builder’s
liens can be an effective instrument to recover outstanding debts owed to
builders and material suppliers. But
because the law is complex and filing accurately completed forms within the
required deadlines is vital, you should have legal advice when fulfilling a
contractor lien. The Builders' Lien Act
is designed to offer contractors and suppliers of equipment or materials with
safety for payment. The charge produced
by the liability is actually a lien against the land (or so the mineral rights)
in regard to the materials or services were provided.
A
lien is deemed to exist from the moment work is started or substances are
provided. But a lien expires if it is
not filed within the period prescribed by statute. Subject to the exceptions set out below, a
lien for materials, wages or services might be registered anytime up to 45 days
from the date the last stuff, salary or services were provided or the contract
was abandoned, failing which the lien expires.
